Goldman Hits a Setback on Payback

Goldman Sachs Group Inc. has hit a delay in its efforts to win U.S. government approval to pay back a $5 billion investment from Warren Buffett's Berkshire Hathaway Inc. because the Federal Reserve first wants to hammer out guidelines on bank-dividend increases, according to people familiar with the matter.

Goldman formally sought permission from the Fed for the transaction in late October, shortly after The Wall Street Journal reported that the New York company was considering the move, in part because Goldman has...